How exciting – you finally have the classic or antique vehicle you’ve always dreamed about. It was a big investment, but well worth it considering the amount of pleasure you’ll get for years to come. Now that it’s home safe in your garage, it’s time to think about how you are going to protect this investment.
Don’t fall short and merely add it to your existing automobile insurance plan. That just won’t work. Classic and antique vehicles are unique and require insurance that is designed specifically for them. Having the best insurance possible will bring you peace of mind and is every bit as important as the coat of wax that protects the paint.
Typically, a classic car policy will cover:
– Agreed Value Coverage. This type of coverage pays for the car’s full-insured value with no depreciation in the event of total loss, after your deductible has been met.
– Inflation Guard. This coverage compensates for the increased value of your vehicle as it ages and automatically increases the vehicle’s value quarterly.
– Spare Parts Coverage.
– Flexible Usage. Instead of just being covered and limited to driving in parades only, this coverage lets you drive the vehicle for 2,500 to 5,000 miles annually with no destination limitations.
You may also want to consider adding additional options to your policy to make sure you have the best insurance available. Some items you want to add are:
– Emergency towing in case of a breakdown.
– Roadside assistance that covers things like flat tires, dead batteries or simply running out of gas.
– Emergency Lockout.
– Lost key return.
– Emergency travel expenses in case you break down while away from home
– Car show expenses. This covers the expenses related to missing car shows due to a breakdown.
– Theft reward.
– Personal effects. This will reimburse you for items that are vandalized or stolen when reported to the police.
Bottom line is that classic and antique vehicles are so diverse and unique, you will want to customize your insurance to fit the specific needs of your vehicle. In order to get the best insurance coverage available, be sure to consult your local independent insurance agent to help you determine what you need and don’t need. Your insurance agent will help you determine just how you will be using the vehicle, such as:
– Will you only be driving the vehicle to car shows or parades? If yes, then you will want to limit your policy to those types of occasions.
– Will you use the vehicle to do errands, shop, visit friends and relatives, or for recreational purposes such as going to the beach or golf course. Again, if yes, then you will need to have your policy reflect those types of uses.
– How many miles do you anticipate you’ll be driving the vehicle during the year?
Protect your investment and be sure that you have the best insurance coverage possible! Talk to your independent insurance agent first. Don’t take the chance of losing your investment – you’ve worked hard to get your classic or antique car. Be sure it’s safe!
Read more about Collectible Car Insurance
This information is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. Should you have any questions or would like to discuss your risk exposure with your classic car insurance, please contact the insurance pros at ARCW Insurance. We are here to help.